The founders of Oxfordshire-based hotel group Four Pillars have netted a multimillion pound profit by selling up to a global property fund.

The price was not disclosed, but is believed to be £121m.

Four Pillars employs 543 people, spread between five hotels and the Witney head office.

Asked what the sale would mean for employees, chief executive Charles Holmes, who will stay at the helm, said: "Everybody's job is absolutely safe, and indeed it will mean new investment which may well lead to more jobs."

Mr Holmes and Four Pillars founder Brian Murtagh will continue to own a stake in the business. They are also shareholders in a joint venture with the property investment vehicle, RREEF, along with Mr Murtagh's fellow founders, developer Peter Morris and builder Jon Ede, who helped set up the company in 1973.

The joint venture, yet to be named, will build more hotels, to be operated under the Four Pillars banner.

The five hotels are in Sandford-on-Thames, Abingdon, Witney and Abingdon Road, Oxford, and in Gloucestershire.

Four Pillars recently gained planning permission for a £15m 140-bed development at Harwell, which will create 125 jobs when it opens in summer 2009.

Mr Holmes added: "Four Pillars will remain Oxfordshire-based. That remains its core."